The portfolio relates to loans secured on assets under the control of the O’Flynn Group. The assets are located primarily in Ireland, the UK and Germany.

The transaction is expected to complete this week.

The Tower portfolio has a par value of €1.8 billion. However, the terms of transaction are commercially sensitive and are not being disclosed.

NAMA Chief Executive, Brendan McDonagh said: “We are very pleased to have completed this transaction. It provides further evidence of the current and continued strong investor appetite for real estate assets and property-related loans in Ireland and in other jurisdictions to which NAMA has a significant exposure. We are particularly pleased that the transaction has been agreed with such a reputable international counterparty as Blackstone.”

Ken Caplan, head of European Real Estate at Blackstone, said: “We are delighted to have had this opportunity to work with NAMA and to acquire the Tower loan portfolio and to expand our investments in Ireland, the UK and Germany.”